Business
Organto Provides Record Third Quarter Revenue Guidance
Expect Largest Quarterly Revenues in Company's History VANCOUVER, BC / ACCESSWIRE / Sept...
About this update from Organto Foods, Inc.
[{"type":"text","content":"Organto Provides Record Third Quarter Revenue GuidanceExpect Largest Quarterly Revenues in Company's HistoryVANCOUVER, BC / ACCESSWIRE / September 30, 2020 / Organto Foods Inc. (TSXV:OGO)(OTC:OGOFF)(FSE:OGF) (\"Organto\" or \"the Company\"), an integrated provider of organic and value-added organic fruits and vegetables today provided record third quarter revenue guidance and reaffirmed its previously announced targets of exiting fiscal 2020 with an annualized revenue run rate of CDN $20 million and achieving cash-flow breakeven.For the third quarter ended September 30, 2020 Organto expects to realize record third quarter revenues of approximately CDN $2.6 to CDN $2.7 million[1], representing the largest quarterly revenues in the history of the Company, and an increase of over 30% versus the same quarter in the prior year. These results will be the fifth consecutive quarter of record quarterly revenues for the Company. Revenues in September are expected to be the largest monthly revenues in the history of Organto, reflecting an annualized revenue run-rate of approximately CDN $15 million.Third quarter revenues are being driven by sales of organic avocado, asparagus, ginger, lime and soft fruits. The Company continues to expand product offerings and increase distribution channels to a diverse customer base of traditional retailers, specialty organic retailers, on-line retailers and distributors throughout Europe. Gross profit is also expected to be a quarterly record for the Company and a significant increase versus the prior year.\"Our business continues to grow and we are extremely pleased with our revenues and gross profit for the third quarter, which will be the largest quarterly revenues in the history of Organto.\" commented Steve Bromley and Rients van der Wal, Co-CEO's. \"Demand remains strong for healthy and nutritious organic fruit and vegetable products and we are excited by the progress we are making as we expand our supply of these products. We are looking forward to continued exciting growth in the fourth quarter and beyond as we bring healthy organic fruits and vegetables to the market to meet expected increases in demand.\"Investor Webinar - Thursday, October 8, 2020 at 10:00 AM ESTSteve Bromley, Chair and Co-CEO and Rients van der Wal, Co-CEO and CEO of Organto Europe B.V. will host an investor call on Thursday, ...